The International Energy Agency reported on Thursday that it expects the demand for oil to fall by 340 thousand barrels per day in the last quarter of this year and to drop to 1. 9 million barrels per day in 2022—a decrease of more than 60 thousand barrels per day from its earlier predictions.
The EIA also lowered its forecast for the rise in oil demand during the following year, to a 1.
470 thousand less barrels per day than anticipated (7 million barrels per day in 2023). High oil prices may be the turning point in a world economy that is already on the verge of recession, given the effects of ongoing inflationary pressures and rising interest rates.
According to the agency, the Organization of Petroleum Exporting Countries and its allies, sometimes known as OPEC+, will actually reduce their daily production by around one million barrels beginning in November.
In early October, OPEC+ decided to reduce oil production by two million barrels per day, as of next November, in a move aimed at supporting the prices that witnessed in the third quarter the first quarterly loss in two years.
The major discounts approved by the “OPEC+” group are the largest of 2020, which came despite the pressure of the United States and other countries consumed to pump more oil into a market that the West sees as already suffering from “scarcity of supplies”.
On the other hand, the International Energy Agency said that during the month of September, Russian oil shipments fell by 230 thousand barrels per day to a record 7.
Less than 560,000 less barrels per day than before the Ukrainian conflict, at 5 million barrels per day.
The International Energy Agency lowers its forecast for rising oil demand.
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